The article argues that Labour’s proposed Your First Home scheme is worth trying as a modest way to support first-time buyers and encourage housebuilding. The government is likely to fall well short of its target of 1.5 million new homes in England during this parliament, and private builders are reluctant to start projects amid rising costs and weak demand.

The scheme would lower the minimum deposit to 2.5%, from 5% under the previous Help to Buy scheme, and include a government equity loan of up to 20%. An independent review estimated that Help to Buy added £25.1 billion in social value over 2013–23, with an inflationary effect of about two percentage points. Today’s higher interest rates may limit the new scheme’s impact, and builders’ access fees could be reflected in prices; details such as income and regional price caps are due in next month’s budget.